Closing Gold & Silver Market Report – 1/5/2011
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,379.60
- Silver price - $29.30
- Platinum price - $1,732.00
- Palladium price - $777.40
COMMENTARY:Precious metal prices fluctuated in a tight range today, finishing slightly down. This was due to the positive numbers in the stock market, as well as gains on the U.S. dollar. Gold hit three-week lows yesterday but as Matt Zeman , a trader at LaSalle Futures Group in Chicago said, “you have some investors looking to buy this pullback.” He goes on to say, “gold got overextended as 2010 drew to a close and it has suffered as investors rebalance their portfolios.” This is to be expected when great gains are made because one must keep their portfolio balanced as much as possible, and when one part of your portfolio gains you need to shift those gains to another part of your portfolio that has lost.
Gold spot price finished down 30 cents – Silver spot price was off 24 cents – Platinum spot price was down $13.40 – Palladium price bounced all the way back to up $7.40
When looking to invest in precious metals gold bars offer a lower premium with the ability to buy in bulk at a lower price. However, if you like a more traditional investment some like the idea of the 2011 Silver Eagle coins.